2016 Mississippi Code
Title 51 - Waters, Water Resources, Water Districts, Drainage, and Flood Control
Chapter 11 - Pearl River Basin Development District
§ 51-11-71. Authority for issuance of bonds; negotiable instruments; interest; maturity; security; public sale

All bonds authorized by Sections 51-11-53 through 51-11-85 shall be negotiable instruments within the meaning of the Uniform Commercial Code, shall be lithographed or engraved and printed in two (2) or more colors to prevent counterfeiting, shall be in denominations of not less than One Hundred Dollars ($ 100.00) nor more than One Thousand Dollars ($ 1,000.00), shall be registered as issued, and shall be numbered in a regular series from one (1) upward. Each bond shall specify on its face the purpose for which it was issued and the total amount authorized to be issued, shall be payable to bearer, and the interest to accrue on the bond shall be evidenced by proper coupons to be attached. The bonds bear interest at any rate or rates, but shall not bear a greater overall maximum interest rate to maturity than thirteen percent (13%) per year. The bonds shall mature annually in the amounts and at the times as shall be provided by the resolution of the board of directors. However, no bond shall have a longer maturity than forty (40) years from the date of issuance. The denomination, form, and place or places of payment of the bonds shall be fixed in the resolution of the board of directors of the district. The bonds shall be signed by the president and the secretary of the board of directors of the flood control district with the seal of the district affixed to the bonds. The coupons may bear only the facsimile signatures of the president and secretary. All interest accruing on the bonds shall be payable semiannually, except that the first interest coupon attached to any bond may be for any period not exceeding one (1) year.

If specified in the resolution directing the issuance of the bonds, the bonds may be called in, paid, or redeemed in inverse numerical order before maturity, upon not less than thirty (30) days' notice to the paying agent or agents designated in the bonds, and at any premium as may be designated in the bonds. However, in no case shall any premiums exceed the maximum interest rate allowed on the bonds.

All bonds shall contain in substance a statement to the effect that they are secured solely by a pledge of the ad valorem tax levy provided in Sections 51-11-53 through 51-11-85, they do not constitute general obligations of the State of Mississippi or of the counties or municipalities comprising the district, and they are not secured by a pledge of the full faith, credit and resources of the state or of the counties or municipalities.

All bonds authorized under Sections 51-11-53 through 51-11-85 shall be sold at public sale as provided by law. Except as otherwise provided in this section, no sale shall be at a price so low as to require the payment of interest on the money received therefor at more than the maximum interest rate allowed on the bonds computed with relation to the absolute maturity of the bonds, in accordance with standard tables of bond value, excluding from the computation the amount of any premium to be paid on redemption of any bonds before maturity.

Sections 51-11-53 through 51-11-85 shall be complete authority for the issuance of the bonds provided for in Sections 51-11-53 through 51-11-85 and no restriction or limitation otherwise prescribed by law shall apply.